Golden Odyssey Mining Inc.
TSX VENTURE : GOE
OTC Bulletin Board : GODYF

Golden Odyssey Mining Inc.

October 19, 2006 10:00 ET

Golden Odyssey Mining Inc.: Camp Zone Drill Results Confirm Large Mineral System at Palmetto Project, Nevada

RENO, NEVADA--(CCNMatthews - Oct. 19, 2006) - Golden Odyssey Mining Inc. ("Golden Odyssey" or the "Corporation") (TSX VENTURE:GOE)(OTCBB:GODYF) has completed the 2006 drilling program on the Camp Zone Target at its Palmetto project on the Walker Lane Belt in Esmeralda County, Nevada. The program consisted of 13 reverse circulation rotary holes totaling 6,180 feet, targeting two structures inferred from surface mapping.

"Clearly, we have discovered a very large, locally mineralized, hydrothermal system at Palmetto," states David R. Shaddrick, President and CEO. "Considerable work remains before the existence of an economically viable ore body can be confirmed but these results demonstrate that this work is fully warranted."

The drilling produced 1,236 samples and encountered highly anomalous values of multiple indicator elements commonly associated with intrusive related gold and base metal deposits worldwide. These included arsenic ranging from 100 to over 1800 PPM, antimony from 20 to over 150 PPM, mercury from 500 to over 1600 PPB, copper from 100 to over 1200 PPM (0.12%) and zinc from 100 to over 700 PPM. Anomalous intercepts as long as 300 feet were encountered.

Gold values are locally anomalous (greater than 0.025 g/T) with high values of 0.200 g/T and 0.125 g/T over separate five foot intercepts.

Variable and often strong levels of alteration consisting of silicification, bleaching and argilization occurred throughout the area drilled. Sulfide mineralization consisting of pyrite and chalcopyrite occurred locally. Detailed logging, plotting and interpretation is in progress.

The Camp Zone is one of three currently identified target areas in this large six square mile (3,830 acres) property. Ongoing reconnaissance activities are expected to generate additional targets. The Palmetto project exhibits geologic characteristics similar to known world class deposits elsewhere in Nevada. These characteristics include: the widespread occurrence of both brittle and chemically reactive Paleozoic rocks, the occurrence of felsic intrusive rocks, a strong polyphase structural setting, broad hydrothermal alteration patterns and anomalous surface geochemical signatures, including gold, associated with broad zones of silicification.

The Walker Lane Belt is one of the most highly prospective areas of Nevada. This highly mineralized trend has hosted some of the most important mining districts in North America including the famous Comstock, Tonopah, Goldfield, Bullfrog and Aurora districts. The region is currently being actively explored by Barrick Gold/Kinross Gold at the Round Mountain Mine, Gryphon Gold at the Borealis Mine and Newcrest at the Redlich project.

Richard L. Dixon, M.Sc. supervised the drill program under the direction of David R. Shaddrick, M.Sc., CPG, P.Geo.(B.C.) who is the company's designated Qualified Person. Mr. Shaddrick is responsible for the content of this release. Analyses were done by Inspectorate America Labs in Reno, Nevada. On site QA/QC procedures included insertion of standards at 100 foot intervals and taking duplicate samples on 100 foot intervals. Duplicate samples were sent to American Assay Labs in Reno, Nevada for analysis.

Details of this and other Company projects can be viewed on the Company's web site at www.GOmininginc.com and on Sedar at www.sedar.com.

About Golden Odyssey

The Corporation, through a wholly owned subsidiary, is engaged in the acquisition and exploration of mineral properties in the State of Nevada. Golden Odyssey currently has five active projects all situated on major gold trends. On the Walker Lane Belt in Esmeralda County the Corporation has the Morningstar and Palmetto projects. The region is currently being actively explored by Barrick Gold/Kinross Gold at the Round Mountain Mine, Gryphon Gold at the Borealis Mine and Newcrest at the Redlich project. On the Cortez Trend in Eureka County, the Corporation holds the Anchor and JDS projects, situated on trend with Barrick Gold Corporation's East Archimedes mine and US Gold Corporation's Tonkin Springs Mine. On the Carlin Trend in Elko County the company is exploring the Mexican Hill project which is southeast of Newmont's Rain and Emigrant Springs mines.

Forward-looking Statements:

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Factors that might cause a difference include, but are not limited to: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. Golden Odyssey Mining Inc. will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect the financial results is included in documents filed from time to time with Canadian securities regulatory authorities by Golden Odyssey Mining Inc.

Shares Outstanding: 30,536,580

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Investor/Press Contact:
    Barry Kaplan Associates
    Andrew J. Kaplan
    (732) 747-0702 Office
    (732) 758-1837 (FAX)
    Email: smallkap@aol.com
    or
    Golden Odyssey Mining Inc.
    Jeffrey R. Wilson
    (604) 837-5440 cellular
    Email: jwilson@GOmininginc.com
    or
    Corporate Contact:
    Golden Odyssey Mining Inc.
    David R. Shaddrick, President and CEO
    (775) 787-8400
    (775) 787-8466 (FAX)
    Email: dshaddrick@gomininginc.com